LIC BHIMA GOLD – TABLE NO : 174

POSTED BY Venu ON May 7, 2012 10:30 am COMMENTS (6)

I HAVE TAKEN A POLICY FROM LIC ITS DETAILS ARE AS FOLLOWS:
Plan \”Bima Gold (T.No:174)\”
Policy No 803328062, Plan 174
Accrued Bonus 0, Loan Eligibility Amount 0
Commencement Date \”17/03/2006 , Age 30, (-)\”
Sum Assured Rs.500,000.00
Policy Term \”20 (Premimum Payment Term :20)\”
Premimum Rs. 17060 (Payble Yearly)
Premimum Status \”Normal Premimum Paying Policy\”
I do not remember exactly what my agent said, but I think I may not pay the premimum yearly, every alternative year or after every two years I can pay some thing like that.
But I am paying every year since 17.03.2006.
My dought is what will happen to the extra premimum I\’ve already paid??, is it correct to pay like that??, kindly guide me.
As per the below condition of table 174, I\’ve received Rs.50000 in year 2010
\”\”For policy term 20 years : 10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year\”\”

6 replies on this article “LIC BHIMA GOLD – TABLE NO : 174”

  1. sharad kumar goel says:

    i have purchase bima gold policy no 254025126 plan term D.O.C. 174 /20 ON DT 28/02/2006 I WANT TO ASKED YOU if a serreder the policy what amount i will receipt.

    1. Hi sharad kumar goel

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  2. Pannkaaj Dange says:

    Respected Sir,

    I had an similar kind of Query when i was 21 yrs i have open the same policy but premium was very less which was 2000 for yearly and my policy going to mature on 2025 but i am not able to remember the benefit after this policy mature.

    1. Hi Pannkaaj Dange

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  3. Dear Venu, what your agent had told you was a half truth. The policy in question requires all the prem. to be paid timely, which you are doing. Please keep paying. Below is the actual truth that your agent not revealed to you properly or may be you have forgotten it.

    AUTO-COVER :
    If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP). This period of 2 years from FUP shall be called Auto-Cover period.

    During the Auto-Cover period, one or more instalments of premiums can be paid along with interest without any revival requirements.

    On revival or payment of part/full arrears of premiums during Auto-Cover period, the date of FUP will shift and accordingly the Auto-Cover facility shall again be available for two years from the date of revised FUP.

    I do hope, now you can understand the importance of paying regular prem. for all 20Y in your policy.

    Thanks

    Ashal

  4. I dont thinkk you are making wrong payment , it should be per year only .. you are going right !

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